On October 1, 2018, the Minister of Finance released his Budget Document entitled “Turnaround”.
On October 1, 2018, Trinidad and Tobago‘s Minister of Finance released his Budget Document entitled “Turnaround”.
The following is a summary of the key proposed fiscal measures:
| Subject | Proposed Measure | Proposed Date of Implementation |
|---|---|---|
| Tax Administration | Trinidad and Tobago Revenue Authority | 2019(Full benefits of reform to manifest in 2020) |
| Property Tax | Board of Inland Revenue to issue notices to property owners for the payment of property tax. | 2019Note: Property Tax will only be implemented and collected in respect of calendar year 2019 |
| Agriculture | Agriculture Financial Support Programme:The provision of one-off grants for successful and approved agricultural producers with investment opportunities in a range of activities, including modern farming technology, research and product development, brand building, food safety compliance requirements, value added initiatives and energy-saving and labour-saving technology. | October 3, 2018 |
| Fuel Subsidy | Increase the cost of super gasoline from $3.97 per litre to $4.97 per litre. | Immediately |
| Public Service Pension | Minimum public service pension of $3,500 per month immediately upon retirement of the public servant. | January 1, 2019 |
| Crime Stoppers | Crime Stoppers to increase the current maximum reward from $10,000 to $100,000 for information on the 25 most wanted criminals as identified by the Trinidad and Tobago Police Service which will lead to the successful conviction of those persons.An overall increase in the budgetary allocation for Crime Stoppers by $2.5 million. | January 1, 2019 |
| Remote Health Centres | Three (3) health centres located in Grand Riviere, Blanchisseuse and Cedros would remain open on a 24 hour / 7 days basis. | January 1, 2019 |
| Penalties Under Children’s Act | An increase by 100% of all fines levied in connection with the prevention of cruelty to children as detailed in the Children’s Act. | January 1, 2019 |
| Stamp Duty | The Stamp Duty threshold for residential property to be increased from $850,000 to $1.5 million for first time home owners. | January 1, 2019 |
| Penalties under the Litter Act | 100% increase in all penalties under the Litter Act. | January 1, 2019 |
| Penalties for Bush/Forest Fires | Increase the fine from $1,500 to $5,000 under the Agriculture and Fires Act for committing such an offence. | January 1, 2019 |
| Compliance with the Board of Inland Revenue | January 1, 2019 | |
| TD1 | Under section 98(2)(b) of the Income Tax Act – to increase penalty/fines from $3,000 to $10,000 for submission of incorrect information of TD1s regarding fraudulent documents to support claims. | |
| Business Levy | Under section 5A (2)(c) Income Tax Act – the threshold for a self employed individual subject to Business Levy to be increased from $200,000 to $360,000. | |
| Fraud | Under section 119 Income Tax Act – to increase the penalty for the offences in respect of Fraud from $50,000 to $250,000. | |
| Registration of Clubs Act | Under the Registration of Clubs Act – the rate of interest for late payment of taxes is being increased from 15% to 20%. | |
| Food Cards | Increase the value of the Food Card:• for households with 1-3 persons: from $410 per month to $510 per month;• for households with 4-5 person: from $550 per month to $650 per month; and• for households with 6 and more persons: from $700 per month to $800 per month. | January 1, 2019 |
| Disability Grants | •Remove the age eligibility for the disability grant under the Public Assistance Act to allow disabled under the age of 18 to access the grant.•Increase the Disability Grant for recipients 18 years and older from $1,800 to $2,000. | January 1, 2019 |
| Public Assistance Grant | Increase the Public Assistance Grant by $150 as follows:•for 1 person from $1,150 to $1,300;•for 2 persons from $1,400 to $1,550;•for 3 persons from $1,600 to $1,750;and•for 4 or more persons from $1,750 to $1,900. | January 1, 2019 |
| Senior Citizens’ Pensions | The cap on the Senior Citizens’ Pensions will be increased to $6000. | January 1, 2019 |
| Tax Allowance for Tertiary Education | The allowance for tertiary education expenses will increase from $60,000 to $72,000 per year. | January 1, 2019 |